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they'll get from opting for those plans. >> i would offer the industry has been evaluating how to present an array of options in the marketplace that will give plenty of choice to people and value to the question you posed. sometimes the regulatory calls on whether the ideas would be acceptable in the new environment have, in my opinion, been turned down. it's a time we ought to have flexibility and choice. we are making a very important market shift here so i would encourage the administration to have an open mind about alternatives and flexibility, especially in the early going under the affordable care act. >> i think it's really important and the reality is it's going to be at the level of the states where a lot of these decisions are made. some states are opting for an active purchasing approach where they go out and decide in a regulatory fashion what kinds of
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policies are going to be available and others will say, you want to sell something common we'll see who buys it. there is going to have to be a lot of the response than just the reality of regulatory shift and the tax and fee shift. that is unavoidable. that is a nationwide imposition on health insurance. no way around it. so you have to maneuver within that. the greater the latitude, the better. >> thank you all. and on behalf of center forward, i have to end the program now. i want to thank the board, the stakeholders, the staff of center forward as well. you panelists, jim, doug, earl, thank you very much. terrific presentation this morning. this is a perfect example of how we try to offer timely information to the general public, general public that is cynical about what's going on
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here in washington, d.c. maybe now the insurance industry is viewed with more favor built than those in the house and the senate right now, but it's still a world out there that will have to go sorting through. we thank you for the information and thank you for coming. [applause] [captions copyright national cable satellite corp. 2013] [captioning performed by national captioning institute] >> next a forum on savings options for americans. after that, documentary film maker. then a discussion about president obama's commencement eech and impact on young african-americans. >> she makes the first speech by a sitting first lady. becomes the first president of the daughters of the american revolution. designs her own china and establishes the white house china collection and first to have a christmas tree in the white house.
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meet caroline harrison wife of the 23rd president as we continue our series on first ladies with your questions and comments monday night live at 9:00 eastern on c-span, c-span3, c-span radio and >> on wednesday, government financial regulators outlined new programs aimed at helping americans save and spend money isely. this wept with the release of a new study of american's finances. his is 45 minutes. >> good morning. it is my special pleasure and honor as dean of the george washington school of business to welcome you all here this morning. this type of event is a dream
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come true for a dean like me. i came to this school about three years ago. and i always had the dream of being a part of and helping to build a school that stood at the intersection of business and society and really made clear how the research and teaching that we do in a business school is not only relevant for the society at large, but also integral to it. we don't want to be a business school that teaches students about how markets are some abstract thing that exists out in people's minds but are the individual interactions and the institutional interactions that happen on a day-to-day basis and there is no place that is more exciting to have this conversation than here in the nation's capital where we are surrounded by the institutions that really define the economic structure of this nation. and many ways of the world. and it's just a really special opportunity to be able to do this and be a part of
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conversations that bring together the research and the passion that people have for research with real world applicability and things that really matter for people every day. so this kind of program for me is truly a dream come true. it's really wonderful to have the support of institutions and see powerful institutions like the s.e.c. and the foundation and special thanks to the support we have from everybody who is in this room. i do want to give a special thanks to my friend and colleague for those of you who know her, she is not only a force of nation and whose passions take us far long down the road of bringing together society and issues and topics like the financial literacy, but this topic in particular is one she has just shown me so clearly just how important it is for our economy and for our nation. and so i want to thank you, anna
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and wish you a wonderful journey as you go over the course of the morning. let me turn it over to jerry. thank you. [applause] >> good morning, everyone and thank you for joining us for the launch of the 2012 national financial capabilities study findings. the foundation was pleased to have done this very important research and follows on our 2009 study. and it's the first of two releases this year. the data you will be seeing state byes by from our state study. so stay tuned. we have a packed morning. we have great speakers and a fabulous panel for you. what i would like to do is go ahead and get started and make sure we are line tweeting this event at the
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#financialcapability so feel free to tweet away. the foundation will also be tweeting. i would like to invite our first speaker who is the c.e.o. and chairman of the investor education foundation. join me in welcoming rick. [applause] >> thanks very much. and thank you all for being here today. i'm extremely excited here to release the finding of the study, but i'm pleased we are doing it here at g.w.'s global financial literacy excellence septemberer. the center has played a large role in this study and does tremendous work to provide capability in the u.s. and around the world. when we conducted the first wave of the study in 2009, obviously a difficult time for america and americans and a difficult time globally. we set out to create a benchmark
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to measure the progress americans have made in improving financial futures. now with the 2012 study, we are seeing interesting changes and key measures in financial capability, some that are encouraging and others that tell us there is a lot more work to do. the study serves as an invaluable resource for tracking trends and today i would like to share a few of them with you and talk about some new questions that we added to the 2012 version. first i want to acknowledge our partners. financial capability study is a huge undertaking, one that the center foundation could not accomplish without the help of a talented depupe of stakeholders. we are grateful to the team as with the 2009 study. the treasury department played a large role. this study was done in consultation with president obama's financial advisory council on financial capability and assisted by other agencies, organizations and researchers including the consumer financial
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protection bureau and s.e.c. over the last three years, the study has made its mark on the financial literacy world and beyond. the data has been used in more than 20 publications from peer review journals and white papers and this number continues to grow. outlets major media regularly cite the statistics. further, the data has been used in international comparisons of financial literacy to help policy makers gain a better understanding of how the united states compares to other countries in terms of understanding important financial concepts by compounding investment risk and inflation. we are looking forward to seeing how the 2012 data will be used to further our understanding of financial capability both in its own and in conjunction with the 2009 data that makes it unusually rich. what we have learned from the 2012 study?
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first some good news. financial capability in the united states has improved in important areas. people are finding it easier to make ends meet. significantly more respondents have rainy day funds that puts them in a better position to deal with life's unexpected events. the slowly improved economic environment has helped. nearly a quarter told us they are satisfied with their personal finances up 16% from 2009. there are still very significant concerns. debt for example continues to be a serious problem. more than 40% of the spont dents believe they have too much debt. many are not comfortable with this aspect of their financial lives. although the percentage of credit card holders carrying debt has declined from 56% to 49%, nearly half still carry debt and pay interest on their balance. and 10% use their cards for cash advances. and issues of debt extend well
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beyond credit cards. when it comes to home ownership, 22% of those who have a mortgage indicate they owe more on their home than they believe it is worth. medical bills and stupid loans, 26% have unpaid medical bills that are past due. the number is even higher, 31% among 18-34-year-olds. 0% of all and 36% report having student loan debt. more than half of respondents with student loan debt are concerned that they will not be able to pay it off. that sense of concern about data appears to be pervasive. one fascinating finding of the study is that self-reported feelings of being overwhelmed by debt changed little across income brackets. in other words, no matter how much income they earned, a significant number felt that they have too much debt. we took a deeper look at this
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issue and found that all debts are not created equal. at least in terms of how different forms of debt correlate with respondents' perceptions about it. medical debt, credit card debt and stupid loans are strongly related to perceptions of debt. whereas mortgage debt and auto loans have a weaker relationship. as the united states wrestles with the debt crisis,ing sights like this and others could prove useful to practitioners and policy makers. related to debt is another concept that researchers have been examining in recent years frag inch lity and deal with a major challenge. when asked to come up with $2,000 if an unexpected need arose, nearly 40% said they are struggling and could not. low to moderate-income respond events, the number rose to 70%.
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this finding sheds light on the financial situation of many u.s. households. another important area that the study tracks is level of financial literacy. financial literacy sadly remains flat or even slightly down by some measures. in 2009, respondents could correctly answer three of five questions on a financial literacy quiz and in the 2012 study, that number held steady. another way to look at it, we lassified 42% of the respondents of having financial literacy. in 2012, the percent of respondents classified having high financial literacy dropped to 38%. we found some encouraging signs about financial literacy. for example, as with the 2009 wave, the study shows that financial literacy correlates
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strongly with behavior that is indicative of financial capability, those with higher literacy are more likely to have an emergency fund and less likely to engage in credit card behavior that generates high interest payments and fees. in addition in this new wave of a study we asked if they were offered financial education at any point during their lives and if they answered yes, we asked them if they participated in the financial education. but we found the responds dents who participated in the financial education could answer more of the financial literacy questions correctly when compared to responds dents who were not offered financial education or offered it and did not take advantage of it. getting back to my participation, clearly this focus is a need for policy making going forward. this is a very preliminary finding and while more work needs to be done to establish a causal relationship exists between financial education and financial literacy, these
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findings are promising in what could be a very important direction. enormous amount more about this study, but let me in deference to the important guests we have here today thank you for your time today and interests in improving financial capability in america. and here is our additional guest. [applause] >> it's my pleasure to invite up our next guest. assist ant secretary for financial institutions. [applause] >> thanks very much. and thank you for inviting me to be here and thank you for leading the efforts in this important area of financial education and financial capability. i'm privileged to stand here on behalf of the treasury department but also with
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chairman and director and others across the government and private sector who share treasury's commitment to promoting the financial well-being of americans. secretary lew sends his thanks. i commend the foundation for conducting the 2012 national financial capability study. we are pleased to have consulted with the foundation in designing the underlying research as we also did when the project first launched in 2009. i believe that this study like its predecessor contains critical insights into the financial practices and attitudes of americans and results will inform our policy work. i urge policy makers and practitioners around the country to carefully consider this study as they work to improve the financial capability of americans. education helps create new businesses and jobs, supports the middle class and spurs productivity and growth. that is why the obama
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administration is committed to helping young people gain the skills and knowledge they will need to pursue successful careers and contribute to our economy. there is no secret to this. we want to expand access to education beyond high school because workers with post-secondary training or more likely to be employed, earn higher wages and rise up the economic ladder. but as we work to equip our young people with improved job skills and earning potential, we must not forget how to manage money is as important to economic well-being as how to make money. financial capability is a critical skill for success in our complex economy. americans who understand their personal finances will be able to make sound choices about paying for education, taking out mortgages, handling credit card debt, purchasing insurance, starting savings and planning for retirement. all of the familiar, yet complex decisions we make to live our present lives, secure our future
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and weather unexpected events. these insights are supported by the study, i believe. as a result, shows some encouraging signs, as rick was mentioning a few moments ago. more americans report that they can cover their monthly expenses as compared with 2009 and more americans state they have set aside rainy-day funds. at the same time, the study indicates that too many americans feel that they have too much debt, too few americans are setting money aside for their children's education and too many americans have not planned for retirement at all. when asked whether their school, college or employer had offered financial education, only 29% of respondents said it did and 19% actually participated in an actual education course. overwhelmingly, 89% of the study's respondents stated that financial education should be offered in schools. consistent with the study, experience in research indicate
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that like most education, building financial skills should begin early in life. underscoring the importance of this matter, the president's advisory council on financial capability have recommended that financial education be integrated in the school day. treasury is working with other federal agencies throughout the financial literacy -- through the financial literacy and education commission to focus our combined efforts on building the financial knowledge and skills of young people through an initiative we call starting early for financial success. the commission has set clear outcomes to better assess the outcomes of our efforts. ip creasing the number of students who get the information they need to make informed decisions about how to pay for higher education, that's first. second, increasing the number of young working adults who plan for the future and save for retirement and other long-term
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goals. and third, increasing the number of youth who have access to savings accounts as a way to encourage a lifetime of financial empowerment. we will be mindful to assess evidence that our work is actually having an impact. we believe there is more to be learned through objective, rigorous research about effective strategies. . >> papers for the volume is ailable on the website. the administration is working to enhance the affordability of higher education and helping students make sound choices about college and how to finances that education. for example the effort to
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empower families with more information on the cost of college to the college score card is helping young adults make better decisions about what school to attend, what to 12ud i did and how to pay for t. federal government efforts to improve financial capability can and should be complimented by action in other sectors. state and local policy makers, educators and service providers can use data to provide consumers with education and products and services they need to manage their money a void pit false, recover from unexeblingted income shocks and plan for the future. we all have an obligation to promote financial education whether it be to help working americans wisely manage their hard earned money or to provide
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opportunity to young americans without burdening their future. i look forward to a sustained and serious collaboration on this subject. thank you very much. [applause] >> our next speaker will be mary joe white, chair of the securities and exchange commission. [applause] >> i know this box is for me, right? i'm going to make others stand on it like richard. thank you very much. the 2012 national financial capability study really does
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provide a wealth of data regarding the financial knowledge, attitudes and behaviors of americans. it gives us a great sense of what americans know and what they don't know, what they feel and how they act when making investments and other financial decisions. as chair of the seck the agency whose core submission protecting investors and promoting capital formation the results of this study remind us that we all need to do more to increase the financial capability of all americans. people who have limited knowledge of the financial system are less likely to actually invest in the financial markets and are more unlikely to benefit from america's financial and economic growth this. reality makes it more difficult for entrepreneurs and dynamic companies to access the capital
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they need to thrive and create jobs. many americans needlessly strug until retirement or miss the chance to purchase a home or graduate from college debt free because they were never exposed to the basics of finances. others may suffer losses because they fail to diversify their investments. at the s.e.c. we passionately believe in the importance of improving americans capability so they can optimize the chance of reaching their personal savings and investing goals. for this to happen more americans need to learn about the magic of compound interest, the virtue of diversification and the value of planning for retirement. unfortunatelyly not all investors do what they should
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do to be informed as possible. few investors go online to do a simple background check. it seems we are more likely to go on angie's list to check out our plumber than go on the s.e.c.'s website to check out an individual we are about to entrust our life savings too. there is something wrong with this picture. there is some good news in this study as well. investors owning stocks or bonds generally scored better than non-investors on the studies literacy quiz. on the other hand the study found even though they did better than non-investors, most investors are not aware of the asic fundamental that prices and move in opposite prices. only 22% of non-investors knew
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bond rates fall when interest rates rise. this gap in investor knowledge is why the s.e.c. office recently created a series of investor bull tins on investing in bonds. the study also indicates despite a troubling lack of basic knowledge, americans are now willing to take on more risk than they were in 2009. higher risk investments can be an important part of an investors portfolio as we all know but willing tons take on risk without a clear understanding of the potential consequences can lead to disasterous results. empowering americans with the tools they need to make sound financial decisions with produce economic and social benefits. individuals with both the opportunity and the ability to invest infuse the markets with
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vital capital resource that is help businesses and the economy grow stronger. these investments ensure that new and creative tech nothings have a chance to flourish. that's why all of our efforts are so important. at the s.e.c. our office of investor education has created a nationwide program focused on investors and dwiving them better information so that they can make better decisions about investing in our capital markets. importantly, the service that we provide in provides them with information that they can use in their everyday life as they make these basic decisions. among other things that it does, for example, is at the s.e.c.'s office of investor education we assist tens of
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thousands of investors every year with questions and complaints. we produce a wide variety of very useful print publications, ovek they need to get used as well. we issue investor alerts and even tweets. we also at the s.e.c. do everything we can to educate investors about how to spot the securities frauds we work so hard to uncover, investigate and pun sh. we also have created as i mentioned before an investor website. that is focused exclusively on investor education. on you can research public companies using our data base. you can find for example annual corporate filings, mutual fund and inshurebl products. investors can learn how to read these filings and understand
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them. investors can also conduct those background investigations like professional professionals with whom they are considering working. we provide information to investors with particular needs such as members of the military which i know we'll hear more about soon, students and retire east ease. and while we don't and can't provide specific investment advice. e provide the benefits and risks of investment vehicles. all on we need to get them to access informed investors are a critical pillar of our economy as a whole. they are more likely to create wealth for themselves and their families providing for themselves and the next generation as well. informed investors fuel growth
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for a healthy economy. let me close my thanking the investor education foundation for their extremely important work. thank you for having me today. [applause] >> thank you chair white. you reminded us that we are weeting at hashtag financial capability. ll of the data is available at our next speaker will be rector of the consumer
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protection bureau. [applause] >> thank you all for having me here today, having us all here today. we're finding the study to be a crucial source of information about the has been pitts -- has been bits of american consumers. all of us here today share the same goal of educating consumers to help them make responsible financial decision that is are sustainable over time. but i think we also need to share something else, not just the sense of this goal but it's urgency. -- ust went through the families lost trillions of dollars in wealth. many lost homes.
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we are recovering but the effects on behavior may well be lasting. people believe if they work hard and behave responsibly they will get ahead in life. out of this crisis lessons must be learned and changes must be made. to begin with we need to make sure consumer markets are not rigged against people. we are intent on making those markets work better by providing reasonable rules and enforcement of the law. people expect and deserve to be treated fairly so we're aiming to ensure disclose yours are transparent, that products are devoid of features. if we do our work well consumers should be able to navigate more easily and exert more control over their economic futures. but the best form of consumer protection is self-protection. being able to avoid problems in
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the first place and to know what you do -- to do about it when you experience a problem. we work with others to bridge the gap between capability and the financial decisions they have to make. in order to do that we must also devote ourselves to the importance in society of financial education. americans simply have shown they are not well equiped to fight through the complexity to make sound and sensible decisions. we hear every day from people who la meant choices they made expressing regret they did not know more about the risk involved at the time they made key financial decisions. so we're aware consumers of all ges need advice to boost their financial capability. we heard about some of the tools today. they can look in the marketplace itself but much
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there is likely to be skewed by the self-interest of other parties. people need these resources and it's difficult to know where to turn. along with our partners we intend to make a source for this information about household finances and working to accomplish this goal in several ways. we agree they need to understand information about budges, savings, investments and credits. we work with partners to provide it such at the s.e.c. and the f.d.i.c. we are developing a library of information where we answer questions from consumers about issues in the marketplace. but consumers need to be aware there are few big moments in their lives where they will confront decisions with far reaching consequences such as paying for school or buying a home. do you go here or there, buy
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this house or that one, how much debt do you take on? we want people to understand which decisions are the most important ones, not to treat them cazzly and know where they can get trusted help when they need it. we address these points beginning with our paying for college web tool. and we're working with the treasury and department of education on a variety of these tools. today's report underscores the importance of these efforts. for example, it shows the need to save to protect from economic shocks. for people age 18 to 34 and in to peak earning years of 35 54 only few set aside funds. savings matters. it's critical to health and reaching personal goals.
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whether it's a car, a home or a college degree. saving money can be integral to financial success. the report shows a solid baseline we can and must build on together. 89% of those surveyed americans recognize and acknowledge that financial education should be taught in our schools. we recently unveiled the core policy recommendations for education starting in kindergarten and continuing through high school. if these recommendations are embraced around the country we will be better prepared to cope with the problems that arise in life. first we recommend that financial education should start early and be continuous. when we don't teach children about managing household budges, saving for the future or making informed decisions about education or home we are failing them in a shameful and
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costly way. we also need to have integrated curricula in our schools where the benefits of compound interest is understood in math english an es kay in class explains money. and financial education con cements should be integrated into standardized test which would increase incensive to teach them and track students on content. standardized test could be framed to contain more content. it could focus on top picks like tips on saving money or applying for student loans. as young people approach the magic threshold of adulthood we need them to spend time on what this means. the question becomes immediate for them can we take control of
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our financial lives to achieve goals. we need to know why we should check our credit reports regularly. we also know how important it is to practice how to manage their finances. so financial education in our hools should include practical experience and should not be an option that many students can and will avoid. 29% of people said that they had had offerings of financial education only 19% had availed themselves of those offers. regardless of whether children are simulating a banking experience, playing a game or following the stock market, they will be learning from this experience and they will take that learning into their lives. we must also engage and support teachers who are interested in teaching personal financial management. a large majority of teachers say it should be taught in
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school yet less than a third have taught lessons about money. and they feel unqualified to teach the standards. we want them to have access to high quality no cost training and incense ives to take part such as continuing education credits. financial education in school is imperative but there are e normous benefits when it starts at home. we want parents to feel confident about talking to their kids about money. e have resources to do that at in my experience this process is often beneficial for parents too. a surprising number of inschool programs generate a response from parents who want to know how they can improve their own financial performance. the united states cannot
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continue to miss the mark on the importance of financial education. other developed countries around the world including australia now require such instruction in their schools. we cannot afford to fall blind and fail our young people in this respect. we rely on a free market economy. this argument demands strong and effective consumers. just as each citizen is entitled to vote, each is also expected and required to manage his or her own financial affairs. from the time we become adults, each of suss on our own and responsible for the choices we make. the freedom we cherish to direct our lives depend on the means we manage our lives. oh so standing on our own two feet and making choices. we have built the greatest system of liberty in man kind
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but we must stredgeten that system from the bottom upstarting with the individual. by working in coordination with all those dedicated to bolster those goals, inancial capability. thank you. [applause] >> thank you so much. having heard the perspective of regulators it's now my pleasure to introduce someone who will bring a perspective from the field. ur next speaker with stacy stewart who will be talking about united way's efforts to foster stability. use applause >> thank you it certainly is an honor to be with you today and
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as the parent of two kids i know where to get information to help my kids learn about financial education as well. thank you and it's a great honor to be with you today. it's a pleasure to be a part of this panel of leaders as we talk about the importance of financial capability in the united states. united way worldwide is commilted to improving the financial stability of low income families and working families and individuals. the findings of this study are not surprising considering the challenge that is low income families are facing each and every day. i'm concerned with three as speblingts of the study and three trends that were noted in the study. first the ongoing challenge of making ends meet. second, the continuing use of alternative financial services and products. and third, the perception of people that they had too much debt. these are very complex issue that is education alone can't
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solve. while there are great financial education click la being developed and available today, the survey suggests that education alone is not sufficient to change behavior. there is no program or click lum, no product or service or policy or regulatory framework that will solve the problems and challenge that is are described today. reversing these trends will require cleblingtive action. those of us in the financial services industry, the public sector and financial regulators will all have to work nog partnership with consumers to develop a coordinated strategy ji that increases knowledge while providing access to the tools and resource that is promote behavior change. tax times provides one of those great tunalts to provide knowledge with the access to tools that actually do change behavior.
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tax refunds are the largest lump sum payment that is many households receive in a given year and can significantly impact cash flow and debt if used effectively. each year and we have 100 united ways around this country. hundreds of united ways lead tax assistance efforts. these efforts support taxpayers in preparing and filing federal and state income tax returns. these community based efforts ensure that working families receive all of the tax credits for which they are eligible. while we are still gathering data for the most recent tax season, we estimate that united way has helped more than 1.5 million taxpayers reprepare and file their tax returns for free. using historic ancheses we estimate taxpayers will receive $1.7 billion in refunds which includes $500 million in the
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errand tax credit. the service is provided for free, we estimated these taxpayers saved $300 million in tax preparation. while these numbers are significant, they are less than 1% of the total tax returns each year. imagen the impact we could have if we helped all taxpayers convert some of their refund each year into savings. suggest earch on r 2 s that there are ways to frame savings during tax time that actually change behaviors and motivate people to take action to save some part of their total return. so what would it take? first we would need to work ith tax preparation software
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companies and i.r.s. for the approaches people use to file their taxes. secondly work with financial institutions to make available appropriate products that facilitate savings and we would also need to make sure that the product could be accessed easily during tax time. we are seeing some progress made with reloadable cards. these programs could support this. we need to create strong community systems for financial education and capability that bundle financial services and support the strengthening of financial choice that is individuals and families are prepared to make. these same community systems eed to promote product that is benefit their clients. while i'm sure that there are a number of banking and financial and other regulation that is need to be reviewed and
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modified to create this kind of environment that supports individuals, this illustration is just one example of how we can work and must work collectively to create a consumer friendly experience. during this slow economic recovery we know that low and moderate income individuals and families will continue to face challenges and non-profit organizations will have limited budgets to address these issues. we must come together and have data driven strategy jiss. and our communities require it and our country also requires it and needs it from all of us. thank you for the opportunity to share some of my thallingts and i'm grateful for the leadership at the s.e.c. and treasury that will continue to build the strong environment for this work. i also want to acknowledge the
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great work that richard and his team are doing at cfpb. and fumely i appreciate the partnership and leadership 've had with the fenra foundation. their leadership has been tremendous over the years. thank you so much. [applause] >> next q & a. then a discussion on president obama's commencement speech and it's impact on young african americans. after that a look at the top energy issues facing the u.s. >> tomorrow the 2013 social security trustees report is the pic of discussion at the
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national academy of social insurance. we'll have that beginning at 11:00 a.m. eastern on c-span. >> it is a very important thing that we're seeing from the community, real engagement in the issues. people aren't debating whether or not to have an incentive auction, we're debating what the first broad band plan should look like. that's a hard question. the u.s. will be the first country in the world to figure it out. there are some important issues to address. >> it's not like the new chairman is going to walk in on a friday and have an auction on monday. there are orders that need to go oufment as i said before, this auction will be the most complex in world history but the exchairman is right in that we are moving faster than the rest of the world and have all
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along. so the eyes of the world at least in the wireless base are looking at the u.s. to see how we handle this. >> two former s.e.c. upcoming ers on the spectrum auction monday night >> this week on "q&a," shola lynch, producer and director of the newly released documentary, "free angela and all political prisoners." >> shola lynch, when did you first want to know more about angela davis? >> the truth? shirley chisholm's funeral. i had been thinking about what my next subject would be. i had previously made a film t


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